Twelve jobs to go as Seaboard leaves
Commodities broker Seaboard Overseas Ltd is to close its Bermuda office with loss of 12 jobs.
The Royal Gazette understands that the operation will be relocated to the Isle of Man, following the closure of the Bermuda office on April 30.
The posts to go are held by seven Bermudians and five expatriates. The company, which is based in Schroders House, on Front Street, has had a presence on the Island for some three decades.
No one at the company, a subsidiary of Seaboard Corporation, of Kansas City, Missouri, would comment yesterday, but it is understood that an official statement is forthcoming.
A source with knowledge of the situation said the decision to relocate was taken for a number of reasons, including the rising cost of doing business, the restrictions imposed by work permit time limits and the comparative advantages of the Isle of Man.
The company's business involves the procurement and shipping of agricultural products internationally and so it is not impacted by conditions in the local economy.
A source said Seaboard's decision had not been taken lightly since the company had had such a long association with Bermuda.
The high cost of living had made it increasingly expensive for the company to pay the wages and benefits of expatriate staff it needed to hire and so had eroded the benefits of Bermuda's tax regime, the source said. The Isle of Man could offer similar tax benefits with a significantly lower cost of living.
Work permit time limits were “unattractive” to the company, the source added.
It is not yet clear whether any of the local staff will relocate to the Isle of Man with the company.
Seaboard Corporation has annual sales of approximately $3.6 billion, employs 14,000 people around the world and is number 552 on the Fortune 1000 list, according to the company's website.
All-new Senate line-up for OBA
Botanical Gardens infested with rats
Freak accident costs landscaper a thumb
Family ‘hurt’ Ferguson shooter is still free
Van driver had only auxiliary cycle licence
Thousands walk for breast cancer awareness
It’s time we accept the facts about AC35
Three made redundant at Bermuda Motors
Smith-Williams guilty of Ferguson murder
Outerbridge takes over Bridal Suite Bermuda
Closer London ties would cause ‘unease’
Delight as donations flow in for Kandice
Police: six injured in Warwick crash
Everard Davis (1939-2018)
Hate U Give film-maker to attend local show
Take Our Poll